How to Become a Mortgage Broker
Mortgage Broker Job Duties
Skills and Qualities of a Mortgage Broker
Salaries of Mortgage Brokers
Influential Professional Mortgage Brokers
Leading Organizations for Mortgage Brokers
Top Cities for Mortgage Brokerage Jobs
Other Careers of Interest
It is also a good idea to become familiar with different types of mortgage loans, especially ones that are popular in the current market. Are you a natural salesperson? While you don't have to be, it can certainly help as a large part of being a mortgage broker is selling the loan to your client.
Find out what state requirements are to become a mortgage broker. Do you currently meet the current requirements? If not, will you be able to meet them in the near future by completing training courses or fulfilling other requirements that need to be met? If you meet or can meet all of the other qualifications, enroll in real estate classes at your local community college. After you complete the coursework, take your state's licensing exam.
If you do not want to work for yourself, try contacting a local mortgage lender to apply for a job with them. Once you obtain some experience, you can choose to stay with them or you can go into business for yourself.
Generally, a successful mortgage broker will be responsible for the following tasks: attracting business and marketing their brokerage services, assessing a borrower's circumstances (which usually entails reviewing their credit report and income and helping them determine how much they can afford to borrow for a home), searching the mortgage market to find the best available loan to meet the borrowers needs, helping the borrower obtain pre-approval for their loan, gathering all needed documents to be submitted to the lender, helping the borrower complete the application form, explaining all applicable legal disclosures to the borrower, and ensuring that all needed material and information is submitted to the lender. While the above tasks are generally the responsibility of a qualified mortgage broker, it is important to note that the list is not necessarily all they do.
It is important to understand that the mortgage broker does not work for the lender. They are independent business people and they usually work with at least several different lenders in trying to get their borrower the best available terms for their mortgage.
It is also important to note that, in most states, mortgage brokers are not considered to have a fiduciary duty to their clients, meaning they are not legally obligated to act in the customer's best interest (California is an exception to this). Because of this, there have been instances where mortgage brokers have acted in irresponsible ways by assisting customers in obtaining loans with terms they did not fully understand or could not reasonably afford. Some people blame part of the sub-prime mortgage crisis on this and are calling for more strict regulations in the mortgage broker industry.
An honest mortgage broker (of which there are many) will always do their best to balance the needs and desires of their clients with the requirements of the banks with whom they work. A reputable mortgage broker will always endeavor to ensure their client understands all facets of their loan, including the inherent risks. They will also not steer the client toward a loan product that is not in their long-term best interest.
Jim Pair, CMC is currently the president-elect of the NAMB. He has over 40 years experience as a mortgage broker and was honored as the organization's "broker of the year" award n 2007
Additionally, there are state and regional mortgage broker associations throughout the nation including the California, Texas, and Florida Associations of Mortgage Brokers, to name a few.
Mortgage brokers can be found just about anywhere in the country as long as there are enough people trying to buy and sell property in the area.
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